SEIL net zooms 265%

Vizag-based Steel Exchange India Limited (SEIL), a steel trading and manufacturing company, registered a 265 per cent growth in net profit to Rs 7.75 crore for the first half of the current fiscal as compared to Rs 2.14 crore in the corresponding period of the last fiscal.

Its income increased by about Rs 102 crore to Rs 256.73 crore as compared to the Rs 154.30 crore for the first half of the previous year, registering a growth of 68 per cent.

The company posted a net profit of Rs 6.97 crore on an income of Rs 357 crore last fiscal.

SEIL is investing Rs 1.5 crore in its Simhadri Steel Mill. After the completion of the mill's expansion by this fiscal-end, its annual production capacity will increase to 90,000 tonnes from the existing 60,000 tonnes.